VANCOUVER – Teuton Resources Corp. [TUO-TSXV, TFE Frankfurt] said Wednesday it has received a report from optionee Optimum Ventures Inc. [OPV-TSXV], which outlines encouraging results from drilling at the Harry project, which is located 25 kilometres north of Stewart, B.C.
Optimum shares advanced on the news, rising 5.0% or $0.03 to 63 cents. The shares are currently trading in a 52-week range of 80 cents and 34 cents.
The project adjoins Ascot Resources Ltd. [AOT-TSXV, OTVF-OTCQX] Premier-Dilworth project, which is separated into two separate properties, including the northern Dilworth area and the southern Premier area. The Premier area contains what was once the largest gold mine in North America. The Premier underground mine closed in 1952 after producing 2.0 million ounces of gold and 45 million ounces of silver.
Harry consists of three contiguous claims covering an area of 1,333 hectares along the Granduc Access Road. It is also bordered by Pretium Resources Inc. [PVG-TSX], to the north, and Scottie Resources Corp. [SCOT-TSXV] to the west.
Teuton drilling highlights from a 4.0-hole program conducted on the Harry property in late 2021, included hole S21-3, which intersected 15.6 metres of grade 1,437 g/t Silver Equivalent AgEq (433.4 g/t silver, 3.10 g/t gold, plus significant base metal credits).
Hole S21-4 intersected 9.26 metres of grade 1,833 g/t AgEq (690.15 g/t silver, 1.64 g/t gold plus significant base metal credits).
Sampling of a train of massive sulfide float boulders returned high-grade results: the average value of 22 samples taken from the vicinity of the Swann showings is 74.22 g/t gold, 842.9 g/t Ag, 37.6% lead, 1.18% copper and 28.9% zinc.
The companies said four short holes were drilled during the abbreviated 2021 program. Exploration concentrated on a broad zone of quartz-sericite pyrite alteration hosting several showings, two of which, the Milestone and Swann, have featured visible gold in surface samplings.
An outcrop of Premier Porphyry, a particular type of intrusive known to be spatially associated with precious metal mineralization at the nearby Premier Gold mine, has been observed in the vicinity of the Milestone and Swann showings.
Teuton said that the last two of the four holes drilled intersected the Swann zone in an overburden-covered area, indicating it was an east-dipping stockwork. Assays from these holes returned very encouraging precious and base metal values.
“The first two holes of the program appear to have penetrated the footwall region of the Swann zone with narrow stringers of base metal in quartz containing low precious metal values. Hole DDH21-2 returned 0.91 metres of 11.77 g/t silver and 2.17% zinc as well as 3.05 metres of 21.66 g/t silver and 2.24% zinc.
“The property shows similarities to both the Valley of Kings and Premier deposits based on my experience working on them,’’ said Optimum Ventures director Edward Kruchkowski. This year, he said the company is planning an aggressive program including mapping, sampling and drilling once the 2022 surface work is complete.
Teuton owns interests in more than 30 properties in the Golden Triangle area of northwestern B.C. The company said it acquired the Harry property many years ago by staking.
On Wednesday, Teuton shares eased 3.7% or $0.08 to $2.06. The shares are currently trading in a 52-week range of $2.99 and $1.74.